According to a statement from Brian H. Graff, executive director and
CEO of The American Society of Pension Professionals & Actuaries
(ASPPA), the commission’s recommendations include reducing the defined
contribution limit by more than half. Further, Graff said,tax free
contribution limits would be cut from the current limit of $49,000 to a
new cap of $20,000 or 20% of pay. If adopted by Congress, Graff warned
that the plan would effectively eliminate employer sponsored
profit-sharing plans, shifting responsibility for retirement savings to
workers.

“We urge Congress to carefully consider the impact of the
Commission’s recommendations on tax incentives for employer-sponsored
retirement plans, Graff said in the statement. “We reiterate our call
for Congress not to rob America’s future retirees to fund the deficit
gaps of today.”

Meanwhile, AARP Executive Vice President John Rother was
equally blunt: “The latest report on deficit reduction would actually
increase the health and economic insecurity of millions of Americans.
As we wait for the President’s Fiscal Commission to present their report
to the President, AARP believes strongly that the commission and our
elected leaders need to more fully assess the impact of its
recommendations on real people, and not strictly as a budget
exercise.”